CARACAS, Oct. 1 (Xinhua) -- Venezuelan President Hugo Chavez Wednesday called for changing the world's financial system.

    Chavez made the appeal during the inauguration ceremony of the third summit of judicial heads from the Union of South American Nations held in Venezuela's Margarita Island.

    Noting the current world financial crisis could be more serious than the one in 1929, Chavez said changing the world's financial system would be the only way out.

    The current system follows a development model "that is destroying the world not only physically but also morally," the president said.

    He said the crisis signals the end to a financial system featured with the lack of ethics and the existence of an unfair mechanism.

    "The crisis is not only an economic one, but also a political, ethical, judicial and ecological one," he said.